With IDP (Income Deferral Plan) Select, MullinTBG fast tracks companies through the entire setup and administration process, from plan design and informal funding with corporate-owned life insurance (COLI), through implementation, recordkeeping, and reporting, according to a press release.
MullinTBG has selected Wilmington Trust, a provider of trustee and administrative services, to deliver the executive deferred compensation plan.
IDP Select clients will also have their choice of insurance companies to underwrite the COLI, which is designed to track their plan liability, the release said. The insurance company provides daily electronic net asset value transmissions for the plan, cash value reporting, and fund reporting.
“Most employers understand that qualified plans severely limit executives’ opportunities to save pre-tax dollars in order to financially prepare for retirement,” said Jim Clary, president of MullinTBG, in the press release. “We’ve efficiently integrated all of the necessary executive benefit plan features into IDP Select, making it simple for middle-market companies to offer enhanced savings opportunities to the executives that are driving their success.”
More information is at www.MullinTBG.com.